We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Secured Loan IVA a Possibility??
Im currently in about 45k of debt, id run this debt up over many years on credit cards and loans after leaving university, and basically got to the point where I was using cc's monthly to pay existing debts. Last year I took out a sequred loan on my house for 25k, my mortgage is 130k but the house is only worth about 125k at the minute. Im wanting to look at the possibility of getting an IVA for my debts basically at the minute im paying all my debts on time with no missed payments but living off cc's hence getting more in debt every month. Would it be possible for an IVA to include my secured loan? because if they forced me to sell my house I would still owe the halifax money and there would be nothing left to pay them anyway. If I could get a freeze or reduction in the interest I could clear my debts in 5 years but has it stands with the monthly interest im getting no where.
Thanks Steve
Thanks Steve
0
Comments
-
Sorry to say, secured loans cannot be included in an IVA, at all.
Who would be forcing you to sell your home, and why?Accept your past without regret, handle your present with confidence and face your future without fear0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.8K Banking & Borrowing
- 251.9K Reduce Debt & Boost Income
- 452.2K Spending & Discounts
- 240.1K Work, Benefits & Business
- 616.3K Mortgages, Homes & Bills
- 175.4K Life & Family
- 253.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards